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NEW YORK — Gold prices soared again Wednesday, closing in on $1,700 an ounce, as worries that governments won’t be able to grow their way out of debt caused a rush into the safe haven asset.

Gold for December delivery rose $21.80 to settle at $1,666.30 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,675.90 and as low as $1,654.40 while the spot gold price was a bit less enthusiastic adding only $3.50, according to Kitco’s gold index.

Silver prices closed up $1.66 to $41.75 an ounce.

The US Dollar index was down 0.69% at $74.02 while the euro was up 0.75% vs. the dollar.

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Economic Hurricanes Dead Ahead!

My name is “MoneyBob” - On 08-25-2007, I launched this Money Blog Site, to warn people about the coming Credit Crunch, to help educate people about Personal Finance, and to show them how to prosper in today’s economic challenges. I am terribly addicted to reading and understanding past and present economic history and trends, and how they can or will affect our personal financial future.